Friday, September 22, 2017

Mastercard and Inov8 launch Pakistan’s first super app ‘FonePay’

In a collaboration aimed at driving the wider adoption of cashless payments in Pakistan, Mastercard, a leading technology company in the global payments industry, and Inov8 Limited, one of the fastest growing financial technology companies in the region, have teamed up to offer Inov8’s shared payments platform, FonePay – Pakistan’s first super app.

Powered by Masterpass QR, a quick response (QR) mobile payments solution that allows consumers to make simple and secure digital payments across devices and channels, FonePay combines a user’s bank accounts, mobile wallets and payment cards including debit, credit and prepaid products on one platform. The hassle-free solution significantly increases the speed, convenience and security of day-to-day transactions using the fast, secure and cost-effective solution, allowing users to make purchases by simply scanning a QR code.

FonePay provides hundreds of use cases, allowing users to pay at retail locations, on websites, and in-app. Users can also make ticket bookings and pay for buses, movies, ride hail services and events, get vouchers – for Amazon, Netflix, Xbox, Facebook and dozens of gaming options – pay for utility bills, and mobile top-ups all from the same super app.

“Our collaboration with Inov8 Limited builds on our efforts to launch industry-leading digital payment options that benefit all stakeholders within the industry – from customers and merchants to technology players. The FonePay app brings the convenience of cashless payments to the young, tech-savvy audience of Pakistan for whom smartphones effortlessly double up as commerce devices. Additionally, the greater adoption of Masterpass QR in Pakistan further drives our commitment to delivering the benefits of this innovative and cost-effective technology to merchants in the wider region.”

FonePay currently allows over 30 million people in Pakistan, in collaboration with leading financial institutions, to link accounts from Meezan Bank, Soneri Bank, EasyPaisa and JazzCash. Users can also link any Mastercard credit, debit or prepaid card issued in Pakistan and use the app to pay in seconds. In addition, users soon will be able to sign up for new accounts/wallets from within the app from multiple banks.

Hasnain Sheikh, Co-CEO and Chairman of Inov8 Limited, said:

“FonePay will change the way customers transact digitally in Pakistan. We have created the largest ecosystem of services, thousands of physical and online merchants, collaborations with several banks and telecom service providers to ensure wide acceptance of Pakistan’s first super app. Our strong alliance with Mastercard is particularly driven towards bolstering the security of transactions, interoperability and world class settlement, thanks to the Masterpass QR technology.”